A. Wind Down Plan

Effective from Feb 07 2023 - Feb 06 2023
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1.	In the event that a VASP elects to discontinue its business or operations where it is not Insolvent or subject to Insolvency Proceedings, the VASP will implement a wind down plan, subject to approval by VARA, which shall include the following—
	a.	processes for identifying and mitigating any material risk or obstacles to winding down in an orderly and timely manner;
	b.	an evaluation of the resources that are needed to facilitate an orderly and timely wind down;
	c.	internal controls and procedures to ensure the safekeeping and prompt onward transferring of clients’ Virtual Assets [including returning Virtual Assets to clients];
	d.	personnel management and exit arrangements;
	e.	communications strategy [including the provision of clear and timely disclosures to all clients];
	f.	knowledge transfer as required to support migration of VA Activities and all relevant operations to alternate VASPs;
	g.	system redundancies and retention of records;
	h.	continue to maintain a surety bond until completion of the wind down process;
	i.	discontinue taking on new clients; and
	j.	identify and itemise all current and contingent liabilities.